“Prices are falling now to abnormal levels, and it is up to the organization to move instead of watching prices collapse to illogical levels,” he said, adding that this was his personal opinion rather than that of the ministry.

The dramatic decline in oil prices poses a major problem for Iraq, which depends on oil revenues for the vast majority of government funds.

The oil ministry said in November that Baghdad lost more than 27 percent of its projected revenues for 2014 because of the fall in prices.

It comes at a time when expenditures are higher than usual, with the country battling to regain ground from the Islamic State jihadist group, which spearheaded a sweeping offensive that overran swathes of territory in June.

PNA

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